We automatically claim your basic rate tax top up (which is a contribution from the government that is worth 25% of your contribution), for you and then add it to your Penfold pension. 😃
If you’re a higher rate taxpayer or a top rate taxpayer, we claim your basic rate tax top ups for you, but you have to apply for the higher rate tax relief yourself on your Self Assessment tax returns.
It’s important to remember that only personal payments to your pension will get the tax top up (not payments coming straight from a Ltd company), and the amount you can get in total from tax top ups is dependant on your individual situation and can change in the future.
Read our blog here for more information on getting the government's tax top ups and how it works.